Hotz off the Press: Historic Sights and National Banks in Morrow, Ohio
The history of Morrow, Ohio banks is told through rare national bank notes, highlighting early currency issues, rival institutions, and their eventual merger.
Welcome to the beginning of spring. This month, we will move over to Ohio and visit rural Warren County for a look at the small town of Morrow.
Located in the scenic Little Miami River valley of Warren County, Morrow, Ohio, is a historic village situated approximately 30 miles northeast of Cincinnati. Geographically, it sits at the confluence of Todd’s Fork and the Little Miami River, a position that historically defined its growth and industry. According to the most recent census data, the village maintains a small-town atmosphere, with a population of roughly 2,000, and serves as a quiet residential hub within the rapidly growing Hamilton and Salem Townships. Morrow is easily reached via U.S. Route 22 northeast from Cincinnati, which becomes Pike Street in town, or from I-71 via the State Route 123 exit.
The village was officially platted in 1844 by William H. Clement, George Keck, and Clark Williams, all of whom were involved in building the Little Miami Railroad, which linked the Ohio River to Lake Erie and transformed Morrow into a vital regional stop.
The town was named in honor of then-Governor Jeremiah Morrow. Before its formal incorporation, the area was part of the Symmes Purchase and was inhabited by early settlers attracted to the fertile bottomlands.
During the late 1800s and early 1900s, Morrow flourished as a commercial crossroads. With the railroad, the town grew quickly, and many more lots were added with businesses moving in from neighboring villages. In 1845, a post office was established in town. Because it served as a junction for multiple rail lines, it became a shipping point for local agricultural products, lumber, and gravel. The village was home to several mills, a canning factory, and a bustling downtown district that provided services to the surrounding farming community. This era marked Morrow’s peak as an industrial provider, fueled by the constant movement of steam engines through the heart of the valley.
Like many river towns, Morrow’s history has been shaped by the power of water. The village suffered significant damage during the Great Flood of 1913, which devastated much of Ohio’s river infrastructure. While the community rebuilt, the mid-20th century brought a shift in fortunes as the railroad industry declined in favor of interstate highways. The tracks that once brought prosperity were eventually abandoned, leading to a period of economic quietude as the village transitioned from a commercial center to a peaceful “bedroom community.”
The robust growth of Morrow in the early 20th century facilitated a need for better banking services. Prior to 1907, the only bank in Morrow was the Couden Bank, founded in 1858 by James Couden. The bank operated out of a landmark building at the corner of Main and Center Streets, which was constructed in 1860. This building was later equipped with a high-security vault from the Mosler Safe Company, which remained in use for decades.
In 1907, the Couden Bank decided to join the National Banking scheme and became the Morrow National Bank, charter #8741. At almost the same time, a group of local businessmen organized the First National Bank of Morrow, charter #8709, to compete with the Couden-owned Morrow National Bank. Let’s look at these banks.
We will start with the First National Bank, which obtained its charter a few weeks prior to the Morrow National Bank. The First National Bank opened in May 1907 and not only survived the end of the National Currency era but continues to operate to this day.
During its currency-issuing days, the bank issued a variety of Series of 1902 large-size notes, as well as Series of 1929 small-size notes, in both Type 1 and Type 2 varieties. It was, however, never a large institution. Over 28 years, until 1935, its total issue was just $383,000, a rather small amount. Interestingly, it did issue $50 and $100 notes in large size (just 78 sheets), though none are known to exist. For a small bank, quite a few notes are known, with 18 large and 14 small notes currently reported.
I recently spied an attractive, large note issued by the First National Bank on eBay, and I liked it enough to look up the town and learn about the bank. The note was quite attractive, and I added it to my collection. It bears a nice purple stamped signature of William Wesley Whiteker, cashier, and a beautiful pen signature of Phillip Whitacre, vice president.
I learned that William Whiteker had started his banking career as a cashier at the Spring Valley National Bank (charter #7896) and later moved to the First National Bank at Morrow in 1920. In later years, he became president of the bank and died in 1958.
The Morrow National Bank, charter #8741, which succeeded the Couden Bank, opened in June 1907 with Alfred N. Couden, son of James Couden, as president. The bank was similar in size to the First National Bank and issued the same variety of notes. The total issue was a tad smaller, at $295,000, of which nine large and small issues are currently reported. As a rule, I only collect by town, so I did not and probably would not obtain a note from this bank, already having one from the First National.
The effects of the Great Depression came down hard on Morrow, and the two banks could not continue to operate in successful competition. As a result, the leaders of these banks decided that a merger was the best option, and Morrow National Bank liquidated at the end of 1934 and merged with the First National Bank, which continues to operate today.
Today, Morrow has reinvented itself by embracing its natural and historical assets. The old railroad corridor has been transformed into the Little Miami Scenic Trail, a premier destination for hikers and cyclists that breathes new life into the village’s economy.
While modern suburban development creeps closer from the Cincinnati suburbs, Morrow retains its distinct identity through its historic architecture and its role as a gateway to outdoor recreation in the Little Miami Valley.
The old business district of Morrow does not run along U.S. Route 22 (Pike Street) but along Main and Center Streets, closer to the Little Miami River. The two bank buildings are both located on the same side of Main Street, just across Center Street from each other. The old Couden Bank (later Morrow National Bank) building was damaged by floods in 1913, 1937, and 1957, but has been nicely renovated and is currently home to Miranda’s Ice Cream Shoppe. The original Couden Bank safe and later Mosler bank vault are still visible in the shop.
The First National Bank building also still stands in town, though no longer in use as a bank. Its original Formstone façade has been whitewashed, and the building is now home to Fresh To Morrow Café and Market. The bank is still in operation but has moved to a much more modern, user-friendly location at 541 Pike Street.
The Little Miami Railroad used to run right through the center of Main Street. The old tracks have long been torn up, and the old rail bed is now the Little Miami Scenic Trail.
Readers may address questions or comments about this article or national bank notes in general to Mark Hotz at markbhotz@gmail.com.
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